CIMA CIMAPRA17-BA3-1-ENG BA3 – Fundamentals of Financial Accounting (2017 SYLLABUS) (Online) Online Training
CIMA CIMAPRA17-BA3-1-ENG Online Training
The questions for CIMAPRA17-BA3-1-ENG were last updated at Nov 23,2024.
- Exam Code: CIMAPRA17-BA3-1-ENG
- Exam Name: BA3 - Fundamentals of Financial Accounting (2017 SYLLABUS) (Online)
- Certification Provider: CIMA
- Latest update: Nov 23,2024
Which one of the following best describes the stewardship function?
- A . Maximizing profits
- B . Ensuring the recording, controlling and safeguarding of assets
- C . Managing cash
- D . Carrying out an external audit
An audit trail is an essential part of an efficient, complete accounting system
Why is an audit trail important?
- A . To ensure all transactions are recorded
- B . To ensure all transactions are approved
- C . To ensure all transactions can be traced through the system
- D . To ensure all transactions can reported
An entity decides to revalue its freehold property during the current period creating a revaluation surplus.
Where in the current period financial statements would the revaluation surplus appear?
- A . Statement of financial position and statement of changes in equity
- B . Statement of changes in equity and statement of cash flow
- C . Statement of financial position and income statement
- D . Statement of changes in equity and income statement
Fraud can be conducted by employees or management. Management fraud can be hard to detect and may not seem like fraud at all as often company performance improves.
Which ONE of the following would be an example of management fraud?
- A . Theft by management
- B . Improved performance and position for the company
- C . Charging personal expenses to a company credit card
- D . Trading with friends and family
Refer to the Exhibit.
A company has the following chart of accounts:
The sales director of the northern region wants to know what the total sales of widgets are for the first quarter of the year.
Which code would he request for his report?
- A . 100
- B . 800
- C . 100800
- D . 800100
Refer to the Exhibit.
Which of the following items should be included in the valuation of inventory in a manufacturing company?
- A . A, C and F
- B . B, D and E
- C . A, C, D and E
- D . B, D, E and F
- E . A, C, D, E and F
- F . A, B, D, E and F
The valuation of inventory in a manufacturing company will consist of:
- A . Direct material and direct labor only
- B . Direct material, direct labor and direct expenses only
- C . All direct costs plus a share of production overheads
- D . All direct costs plus a share of production and non-production overheads
Fraud will only be prevented successfully if potential fraudsters perceive the risk of detection as high.
Which THREE of the following are ways to prevent fraud?
- A . Sufficient internal control systems
- B . Computerized accounting systems
- C . Continuous supervision of all employees
- D . Regular reconciliations
- E . Surprise audit visits
- F . Maintaining books of prime entry
The method of accounting that attempts to recognize changing price levels by applying an industry or asset specific price index to the cost of goods sold and assets consumed is known as:
- A . Current cost accounting
- B . Current purchasing power accounting
- C . Historic cost accounting
- D . Replacement cost accounting
Which ONE of the following is a possible explanation for a debit balance on the purchase ledger account of a supplier?
(i) An invoice has been posted twice
(ii) A credit note has been posted twice
(iii) A payment has been recorded against the wrong supplier account
(iv) A payment has been posted twice
(v) A contra was posted to the supplier account but not the customer account
(vi) Goods returned had been posted to the wrong supplier account
- A . (i) and (ii) only
- B . (iii) and (iv) only
- C . (i), (ii) and (iv) only
- D . (ii), (iii) and (iv) only
- E . (i), (ii) and (v) only
- F . (iii), (iv) and (vi) only
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